Refractory Coatings Market: Highlights
- Refractory coating is a technical term used in the foundry industry to describe paintings. Its primary objective is to obtain high-quality casting pieces and good surface appearance. The usage of refractory coatings during casting play an important role in terms of achieving high quality surface finish of castings. Refractory coatings are able to withstand higher temperature of liquid metal and act as barrier between metal and mold or core by the help of the type of refractory.
- The usage of refractory coatings prevents metal penetration, sand staining, and veining defects during casting. This helps in improving the surface.
- Refractory coatings are primarily used for coating applications including dipping, flow coating, spraying, and brushing
Key Drivers of Refractory Coatings Market
- Exceptional properties provided by refractory coatings is a major factor that is expected to drive the refractory coatings market during the forecast period. Refractory coatings provide enhanced casting strip and metallurgical properties. They also help increase the temperature stability of the mold material and prevent metal-mold reactions (penetration, veining, erosion, etc.). Furthermore, refractory coatings optimize surface finish. Therefore, demand for refractory coatings has been rising in various industries. This is anticipated to drive the refractory coatings market during the forecast period.
- Easy storage of refractory coatings and their better stability property are other factors estimated to boost the market during the forecast period
- Increase in usage of refractory coatings in end-use industries is also projected to propel the refractory coatings market in the near future
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High Performance Monomers Market: Application Segment
- Based on application, the global refractory coatings market can be segmented into ceramics, metals, glass, plastics, and others
- The ceramics segment is projected to account for major share of the global refractory coatings market by 2027. The segment is estimated to expand at a healthy pace during the forecast period. It is expected to account for significant market share by 2027.
- Expanding at a healthy growth rate, the metals segment is anticipated to create significant incremental opportunity during the forecast period. Demand for refractory coatings in other industrial applications is projected to remain moderate to high across different regions.
- The plastics segment is likely to account for minimum share of the global refractory coatings market during the forecast period. Phase-out of single use plastics and implementation of stringent environment regulations on the usage of plastics, particularly in Europe, are the major factors contributing to its minimum share.
Asia Pacific to be Key region of Global Refractory Coatings Market
- In terms of region, the global refractory coatings market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- The market in Asia Pacific is expected to expand at a significant pace during the forecast period. It is anticipated to be followed by Europe. Demand for refractory coatings in various end-use industries has been high in Asia Pacific. As a result, the refractory coatings market in the region is likely to expand at a rapid pace during the forecast period.
- Demand for applications of refractory coatings has been high in countries in Asia such as China and India. This is fueled by rising capital investments in metal and glass industries.
- The market in North America and Middle East & Africa is expected to expand at a sluggish pace during the forecast period
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Key Manufacturers Operating in Market
The global refractory coatings market was highly fragmented in 2018. Key manufacturers operating in the global market include:
- HA International
- IVP Limited
- James Durrans Group
Global Refractory Coatings Market: Research Scope
Global Refractory Coatings Market, by Type
- Water-based Refractory Coatings
- Solvent-based Refractory Coatings
Global Refractory Coatings Market, by Application
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